What are Victorian Energy Efficiency Certificates?
Victorian Energy Efficiency Certificates (VEECs) are credits issued under the Victorian Energy Energy Efficiency Target (VEET) scheme for eligible energy upgrades, from large commercial and industrial sites down to individual homes.
The quantity of VEECs issued is based on the amount of calculated greenhouse gas emissions avoided through the upgrade.
How to Generate VEECs.
An Accredited Provider, such as Ecovantage, helps to quantify a project and meet strict regulations to generate the VEECs on your behalf.
A range of activities can qualify to generate VEECs, including rooftop solar, biogas, fuel switching, LED lighting upgrades, commercial heat pump hot water systems, efficient heating, cooling and ventilation (HVAC) systems, and upgrading to energy-efficient commercial equipment, such as refrigeration systems, chillers, and boilers.
The specific activities eligible for VEEC creation change over time, so speak with one of our Specialists to learn more about your project’s eligibility.
What Organisations do with VEECs.
Once generated through an eligible energy saving project, the VEECs are sold or traded to liable entities, such as energy retailers.
Sold certificates are generally used to reduce the upfront investment cost of an energy efficiency project.
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Certificate Services Department.
At Ecovantage, we consistently analyse market activity, creation metrics, policy changes, and consultation releases in conjunction with wider landscape activity.
This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Please reach out if you have any project-specific questions.
The VEEC Market.
As Australia’s largest Accredited Certificate Provider (ACP), Ecovantage maintains strong market analytics to keep our partners and clients on top of the certificate markets.
Below is the current VEEC weekly and 30 day spot price tracking, and our latest VEEC market update.
Current Prices | 24 November 2023
- Current Spot Price $87.00 (+$1.25)
- Weekly Volatility in Spot 0.78%
- Percentage Change from Weekly Open to Close Price 1.13%
Market Update | 24 November 2023
With a level of elevated volatility this week, the VEEC spot market rose by a further $1.25 over a series of upward transactions. The forward markets followed closely behind with December closing slightly higher at $87.10. This upward pressure follows a recent creation low of 49K, as seen last week.
Pricing and summary is accurate as of time of publishing. Ecovantage is not liable for any errors or changes in the figures provided.
Receive weekly market updates and up-to-date spot prices delivered to your inbox every Friday.
Australia’s Most Versatile ACP.
Ecovantage specialises in creating, trading, and supplying all energy certificates, including VEECs. We assist you in balancing the financial and environmental scales for each project.
Ecovantage provides an end-to-end service, from site audits and project management, through to generation and monetisation of the created certificates.
The treatment of certificates is based on the financial and carbon goals of each organisation. The options available are presented with their relevant outcomes on both fronts, to ensure your decision is an informed one. Ecovantage generates and trades certificates as an authorised provider through the Independent Pricing and Regulatory Tribunal (IPART).
The VEEC Process.
Australian Certificate Attributes and Recognition
|Certificate||Classification||Representative Of||Attribute Recognised by External Programs?||Purpose|
|ACCU||Carbon Credit||1 Tonne of CO2-e||Carbon||Recognise and Measure Carbon Abatement|
|LGC||Renewable Energy Certificate||1 MWh of Renewable Generation||Renewable Energy||Recognise and Measure Renewable Generation|
|STC||White Certificate||1 Calculated MWh of Renewable Generation||None||Create a Financial Incentive for Small-Scale Renewable Generation|
|VEEC||White Certificate||1 Calculated Tonne of CO2-e||None||Create a Financial Incentive for Energy Efficiency Upgrades|
|ESC||White Certificate||1 Nominal MWh||None||Create a Financial Incentive for Energy Efficiency Upgrades|
|PRC||White Certificate||0.1kW of Peak Demand Reduced||None||Create a Financial Incentive for Peak Demand Reduction|
|REPS||White Certificate||1 Calculated GJ||None||Create a Financial Incentive for Energy Efficiency Upgrades|